Companies managed by Rivoli Asset Management acquire Ballonti shopping mall

Cuatrecasas has advised a syndicate of financial institutions—led by Kutxabank and which included Banco Pichincha, Caja Laboral, and Banca Pueyo—on the granting of €75 million in financing to two companies managed by Rivoli Asset Management, for the acquisition of the Ballonti shopping mall in Portugalete (Biskay).

The acquisition, which exceeded €120 million, is part of Rivoli’s great interest in the Spanish retail sector, which continues to demonstrate strong activity and investor attraction. Ballonti, which opened in 2008, receives over six million visitors a year and has seen steady sales growth. The center, which has a 98% occupancy rate and a retail offering grouped into over 100 retail spaces, has the BREEAM certification, demonstrating its commitment to sustainability.

Specialized service

The Cuatrecasas team that participated in the advisory services included Tomás Ugalde, Víctor Utges, Antonio Ridao, and Paula Massagué, from Finance.

"It has been a pleasure for Cuatrecasas to advise the banks financing the acquisition of one of the most important shopping malls in the province of Biskay. Ballonti is one of the leading shopping malls in the Bilbao metropolitan area, with an approximate leasable area of ??52,000 m² and over 100 retail spaces open to the public," said Tomás Ugalde regarding the transaction.